Harley-Davidson Inc

HOG: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Harley-Davidson Earnings: As Demand Languishes, Profitability Continues to Contract

Jaime M Katz

Nov 4, 2025

Harley-Davidson's core motor company business remains plagued by weak demand as evidenced by retail sales that fell 6% in the third quarter. Even with shipments rising 33% (lapping 39% declines last year), the firm reported a motor company operating margin of 5%, down 130 basis points.

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Harley-Davidson Inc

Harley-Davidson Earnings: As Demand Languishes, Profitability Continues to Contract

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